Tirupati Forge Limited assets reach Rs 97.69 crore in H1

Tirupati Forge reported property, plant and equipment of Rs 97.69 crore at September 30, 2026, up from Rs 50.50 crore at March 31, 2026, while its half-year cash-flow statement recorded Rs 51.23 crore of purchases. Capital work in progress stood at Rs 43.01 crore at the half-year date.

How much did Tirupati Forge's plant asset base change?

Tirupati Forge's property, plant and equipment balance was Rs 97.69 crore as at September 30, 2026, an increase of Rs 47.19 crore from Rs 50.50 crore at March 31, 2026. Non-current assets totalled Rs 152.29 crore at September 30, compared with Rs 130.47 crore at the preceding audited year-end.

Capital work in progress, or CWIP, declined to Rs 43.01 crore from Rs 66.62 crore over the same six-month period. The Rs 23.61 crore decrease in CWIP coincided with the higher property, plant and equipment balance, although the filing does not provide a fixed-asset movement schedule reconciling additions, transfers, disposals and depreciation.

Tirupati Forge had a combined Rs 140.70 crore in property, plant and equipment and CWIP at September 30, 2026, compared with Rs 117.12 crore at March 31, 2026. Right-of-use assets were separately reported at Rs 4.43 crore, down from Rs 6.74 crore, and are not included in the two asset categories in the table.

What did Tirupati Forge spend on capital assets in the first half?

Tirupati Forge recorded Rs 51.23 crore of purchases of property, plant and equipment in its cash-flow statement for the half year ended September 30, 2026. The statement also showed Rs 23.61 crore as a positive amount in the line labelled payments to capital creditors and capital advances for CWIP, and Rs 1.67 crore in the line for payments including advances for right-of-use assets.

Net cash flow from investing activities was an outflow of Rs 25.48 crore for the half year. The investing section included Rs 36.58 lakh of sale proceeds from fixed assets and Rs 10.20 lakh of interest received on financial instruments, against the Rs 51.23 crore property, plant and equipment purchase line.

The supplied statement compares the half-year cash flow with the full year ended March 31, 2026, rather than with the prior first half. In that audited full year, purchases of property, plant and equipment were Rs 28.62 crore, while the capital-creditor and CWIP-advance line was reported as negative Rs 48.21 crore.

The balance sheet reports closing carrying values at September 30, whereas the cash-flow statement records movements during the six-month period. Depreciation and amortisation expense was Rs 4.35 crore in the half year ended September 30, 2026, compared with Rs 3.47 crore in the corresponding half year of 2025.

How was Tirupati Forge's investment cash outflow financed?

Tirupati Forge reported Rs 13.57 crore of net cash from operating activities and Rs 18.39 crore of net cash from financing activities in the half year ended September 30, 2026. These reported inflows accompanied the Rs 25.48 crore investing outflow, and cash and cash equivalents increased by Rs 6.45 crore to Rs 13.01 crore.

Financing cash flow included Rs 13.47 crore of proceeds from issue of shares and warrants, Rs 7.75 crore from proceeds or repayment of short-term borrowings, and Rs 95.94 lakh from proceeds or repayment of long-term borrowings. The statement also reported Rs 1.45 crore of finance costs and Rs 2.38 crore of principal repayments on lease liabilities.

Total equity was Rs 152.21 crore at September 30, 2026, compared with Rs 133.40 crore at March 31, 2026. The September balance included Rs 5.37 crore recorded as money received against share warrants, while non-current borrowings were Rs 24.26 crore, compared with Rs 23.30 crore at the March year-end.

Tirupati Forge disclosed that 37,00,000 convertible equity warrants remained outstanding at September 30, 2026, representing 100% of that issue. Separately, 8,50,000 warrants from an earlier issue were converted into equity shares during the September 2026 quarter, and the company said none of those earlier warrants remained outstanding at the period end.

What operating results accompanied Tirupati Forge's asset expansion?

Tirupati Forge reported revenue from operations of Rs 95.42 crore for the half year ended September 30, 2026, compared with Rs 71.97 crore in the corresponding half year of 2025. Profit before tax rose to Rs 7.09 crore from Rs 3.74 crore, while net profit increased to Rs 5.34 crore from Rs 2.75 crore.

Costs also increased during the period. Material consumed was Rs 40.95 crore, compared with Rs 33.39 crore a year earlier, while other expenses rose to Rs 31.41 crore from Rs 23.05 crore and depreciation and amortisation rose by Rs 88.49 lakh to Rs 4.35 crore.

Tirupati Forge identifies Industrial Forging and Defence Forging as its two reportable segments under Indian Accounting Standard 108. The segment statement reported Rs 95.42 crore of total revenue from operations, while Defence Forging recorded a loss before interest, tax, expenses and exceptional items of Rs 41.98 lakh for the half year.

The company stated that it manufactures carbon-steel forged flanges, forged components and automotive components, and commenced defence forging during the year. At September 30, 2026, segment assets were Rs 134.40 crore for Forgings and Rs 87.18 crore for Defence, alongside Rs 13.01 crore of unallocable assets, matching total assets of Rs 234.59 crore.

Conclusion

The first-half disclosures show that Tirupati Forge's property, plant and equipment increased to Rs 97.69 crore while CWIP fell to Rs 43.01 crore. The company reported a Rs 25.48 crore net investing cash outflow, alongside Rs 13.57 crore of operating cash generation and Rs 18.39 crore of financing cash inflow.

The next disclosed item to watch is the allotment process for 37,00,000 outstanding convertible equity warrants, against which Rs 5.37 crore was recorded as money received at September 30, 2026. Tirupati Forge also disclosed that Defence Forging had a Rs 41.98 lakh half-year segment loss after the business commenced during the year.